In this review, I take you through Coinbase, one of the most popular and trusted cryptocurrency exchanges in the world. Coinbase’s design is simple and user-friendly, even for the new crypto investor. The platform’s popularity continues to grow and is available in over 100 countries and with over 35 million users buying, selling, and trading cryptocurrencies.
Firstly, I’ll provide an overview of Coinbase, take a look at their other features such as Coinbase Earn and Coinbase Pro. I will then explain, how to buy, sell and store bitcoin and crypto using the Coinbase platform.
What is Coinbase?
Coinbase.com is a secure online trading platform for buying, selling, transferring, and storing digital currency, such as Bitcoin. The platform is ideal for new users getting into cryptocurrency, purchasing their first Bitcoin with the likes of a credit/debit card, or via bank transfer. It is easy to use, convenient and has easy onboarding.
Coinbase Pro is a trading platform aimed at more experienced traders. Traders can exchange a wider range of assets with more advanced order types, using order books, charts and graphs. One of the advantages of trading on Coinbase Pro, compared to Coinbase is their lower trading fees. To reduce your trading fees even further, it’s worth checking out the Binance Exchange.
The Coinbase Wallet is a standalone app, that allows users to store their own crypto and explore the decentralized web with a Dapp browser. This wallet is not to be confused with the Coinbase app, which is also available on Coinbase.com.
It’s not recommended to keep your crypto on Coinbase or their Coinbase Pro exchange. With this crypto wallet, you are able to safely store your crypto assets and have full control. However, if you would prefer further security with your crypto stored offline, it’s worth looking into a hardware wallet such as a Ledger or Trezor.
Coinbase also gives you the opportunity to earn free crypto with their Coinbase Earn feature. Coinbase Earn provides its users with an incentive to earn free crypto while learning about crypto, in a simple and engaging way.
Coinbase $10 Bitcoin Sign-up Bonus
If you’re new to the Coinbase exchange, they offer new users a sign up bonus of $10 when buying or selling at least $100 (or more) of crypto.
For more information on Coinbase referral code or sign up bonus click here.
Coinbase Supported Cryptocurrencies
With Coinbase the availability for depositing, buying, selling and withdrawing cryptocurrencies will vary by each asset. You may also find that the fees and availability will depend on your country and payment method.
However, Coinbase exchange supports the most popular cryptocurrencies such as the likes of, Aave, Bitcoin, Cardano, Chainlink, Compound, DAI, EOS, Ethereum, Ripple, Stellar Lumens, Tezos, USDC, and Wrapped Bitcoin.
You can check out the full list of supported cryptocurrencies here.
The fees that you pay with Coinbase will depend on the method of payment you choose and your location. The most expensive way to buy your crypto on the Coinbase exchange is via credit/debit card payments with a fee of 3.99%. This isn’t a way that I personally recommend buying your crypto due to high fees associated. Although it may be one of the most convenient, and you are paying for this convenience.
Other types of buy and sell orders with Coinbase incur a fee of 1.49%. This doesn’t seem huge, but if you compare this to Binance Exchange’s 0.1% or even their own Coinbase Pro platform at 0.5% you are definitely paying over the odds here.
As well as charging fees for instant buys and with payment via bank transfers, Coinbase also charge a spread of about 0.50% for both buy and sell orders. However, the actual spread may be higher or lower due to market fluctuations.
If you’d like to check out more information on Coinbase Pro you can click here.
If you’re serious about getting the best price when trading. I would recommend checking out other exchanges to reduce trading fee, such as Binance Exchange (save up to 45%) or FTX (save 5%).
Coinbase Fees UK
The fees that you will pay with Coinbase exchange will differ depending on your location. Below is the Coinbase fees for those of you in the UK. However, you can find a full list of fees on their site.
Coinbase Fees US
The fees that you will pay with Coinbase exchange will differ depending on your location. Below is the Coinbase fees for those of you in the US. However, you can find a full list of fees on their site.
Coinbase customer support is one of their biggest downfalls and has been heavily criticized on the likes of TrustPilot giving them a rating of “Bad”. Although I have never personally experienced any issues with Coinbase. I can see how frustrating it can be if something goes wrong or you need help.
During crypto bull markets, Coinbase will have a surge of newbies signing up, and with more new users comes more complaints and customers needing help. So Coinbase has become a victim of their own success, and hopefully will be ready for the next Crypto bull market.
Is Coinbase Safe?
To use the Coinbase exchange, you access the site with a username and password plus any form of 2 factor authenticate you have associated. Coinbase is a centralised exchange and therefore has control over your crypto, with no access to your private keys. This means you are entrusting a third party to look after and secure your crypto assets.
Although Coinbase has not reportedly suffered an attack, there have been reports of Coinbase freezing user accounts. Therefore, I’d personally recommend not to keep your crypto in an exchange which is far more likely target for hackers. When you have finished trading, move your crypto to the safety of a wallet, such as the likes of a hardware wallet like a Ledger or a Trezor.
If you’re already signed up to Coinbase Exchange, you may be interested to hear you can also earn free crypto with their Coinbase Earn feature. Coinbase Earn provides its users with an incentive to earn free crypto while learning about crypto, in a simple and engaging way.
In the past, you could have earned up to $50 of Stellar XLM tokens, but unfortunately this offer is no longer available. However as the list of tokens available on Coinbase continues to grow, so does the number of tokens available on Coinbase Earn.
Unfortunately, there is a limit to the number of users that are able to earn free crypto and sometimes you may have to join a waiting list. So, make sure you’re sign-up to Coinbase and watch out for their email notifications on new cryptos available on Coinbase Earn.
Coinbase’s main aim is to make blockchain technology more accessible, both in the sense of making cryptocurrencies easier to obtain and easier to understand. To make this possible they have created Coinbase Earn.
This is another great opportunity for those that are looking to diversify their crypto portfolio, get a better understanding of cryptocurrencies or looking to get into alt-coins without spending any money.
How do I Start Earning Free Crypto?
Coinbase has created educational videos to teach you about different cryptocurrencies. After watching each video you’ll receive a simple quiz testing what you’ve learnt. You’ll then receive crypto in your Coinbase wallet for every quiz you complete.
For example, with Stellar Lumens, you can earn up to $10 of XLM by watching 2-minute beginner videos about Stellar and completing the quizzes.
This is only available for a few limited amounts of cryptocurrencies at the moment which goes quickly. However, over time they plan to add more educational content, as well as the ability to earn other cryptocurrencies.
What can I do with my Free Crypto?
What you do with your free crypto is completely up to you. Whether it be exchanged on the likes of Binance, sold for fiat or HODL. Either way it’s a great way to diversify your portfolio or for newbies to get into alt-coins or crypto.
If you are new to Coinbase, you can use this link to earn $10 of Bitcoin when you deposit $100.
How to Earn $50 Free XLM with Coinbase Earn
Once you are signed in, simply choose the crypto that you’d like to learn and earn! If you want, you can watch the instruction videos, however, I have saved you some time and provided the answers below. Once you have answered the question, click Next and (if you’ve got the answer correct) you’ve earned your first FREE $2.00 of XLM! This can be done a total of 5 times and by completing the series of videos, you can earn a total of $10.00 FREE XLM.
TIP: If you want to get through the videos quickly you can speed up the videos up to 2x speed.
Coinbase Earn will also provide a referral link that will earn you $10 and can be shared 4 times. Earning you a total of $40 of free XLM. This link can be shared with friends, family, or followers. Once they complete 1 video, you will receive your free crypto!
One of the largest and most trusted cryptocurrency exchanges, Coinbase have recently announced that they’re exploring the support of 18 new cryptos on their platform for 2020. The release of this information could potentially be good for the prices of these new Coinbase coins. In this post, we’ll look at the announcement and into each of these potential additions.
What New Cryptos Will Coinbase Support?
Coinbase announced in a blog post from June 10th 2020, that they are currently exploring the support for the following tokens; Aave, Aragon, Arweave, Bancor, COMP, DigiByte, Horizen, Livepeer, NuCypher, Numeraire, KEEP Network, Origin Protocol, Ren, Render Network, Siacoin*, SKALE Network, Synthetix, and VeChain.
When Will the New Tokens Be Available?
They are yet to announce a timeline for listing these assets. As Coinbase states that the process requires “significant technical and compliance review”, in addition to some regulatory approval.
They’ve stated that they “will add new assets on a jurisdiction-by-jurisdiction basis, subject to applicable review and authorizations,”. And that “customers can expect Coinbase to make future, similar announcements as we continue to explore the addition of numerous assets across the platform.”
As part of their process, “Coinbase users may see public-facing APIs and other signs that we are conducting engineering work to potentially support these assets“.
This information could potentially be good for prices of these tokens. For example, one of the reasons for MakerDAO’s recent influx in price has been given credit to being added on Coinbase. Plus on the announcement of Stellar Lumens being added the token gained around 6% on the day.
New Potential Assets Coming to Coinbase
There are (potentially) a total of 18 new Coinbase coins joining the exchange. If you’re not too sure what they are, or their purpose below is a brief summary of each.
Prior to it’s rebrand to Aave, this project was previously known as ETHLend. One of the very first Defi lending platforms launched back in 2017. With Aave, users can earn interest on deposits and borrow assets. Their ‘LEND’ ERC20 token, is the native token for the Aave protocol.
AAVE (LEND) Price
How to Buy AAVE (LEND) Tokens?
Aave (LEND) tokens can be purchased on the likes of Binance and HitBTC.
The Aragon (ANT) project is led by Luis Cuende (featured in Forbes 30 under 30 for technology). It’s a decentralized platform built on the Ethereum network. Which offers a modularized way to create and manage dApps, cryptoprotocols, and decentralized autonomous organizations (DAO). The ANT ERC-20 token will enable its holders to govern the Aragon Network.
Aragon (ANT) Price
How to Buy Aragon (ANT) Tokens?
Aragon (ANT) tokens can be purchased on exchanges such as; Bitrex, Bitfinex and HitBTC.
Arweave is a new type of storage that backs data with sustainable and perpetual endowments. Allowing users and developers to truly store data forever. As a collectively owned hard drive that never forgets, Arweave allows us to remember and preserve valuable information, apps, and history indefinitely. By preserving history, it prevents others from rewriting it.
Arweave (AR) Price
How to Buy Arweave (AR) Tokens?
Arweave (AR) tokens can be purchased on MXC, Hoo or Bilaxy.
The Bancor Network is a cross-chain cryptocurrency conversion platform that lets you convert between Ethereum and EOS tokens without the need of a middleman or other third party. The Bancor Network Token (BNT) is the intermediary token used by Bancor to initiate exchanges. Plus, it’s both an ERC-20 token and EOS token.
Bancor (BNT) Price
How to Buy Bancor (BNT) Tokens?
The Bancor (BNT) tokens can be purchased on the likes of Binance, HitBTC, Poloniex and Bitfinex.
Compound Finance recently introduced a governance token, “COMP”. This allows the token holders and delegates to vote on important protocol decisions like new collateral types, borrowing power, and interest rate models. COMP holds no economic benefits and is solely used to vote on protocol proposals.
Compound Finance (COMP) Price
No pricing information found at this time.
How to Buy Compound Finance (COMP) Tokens?
No exchanges found at this time.
DigiByte is an open-source blockchain, created in 2013 and released in early 2014 by DigiByte founder Jared Tate. The DigiByte token can be used as a payment method, like a fiat currency, or a store of value. The coins are similar to gas in Ethereum, in that they run the DigiAsset smart contract network.
DigiByte (DGB) Price
How to Buy DigiByte (DGB) Tokens?
The DigitByte (DGB) token can be purchased on KuCoin, Bitrex, Bittylicious and HitBTC.
Horizen (formerly called ZenCash) is a privacy-focused, blockchain platform that forked from Zclassic, itself a Zcash fork. The Horizen network includes a decentralized autonomous organization (DAO), ZenChat (a private messenger), ZenPub (an anonymous publishing platform), and ZenHide (TOR-like endpoint masking). The ZEN token is the native cryptocurrency coin used by the Horizen network.
Horizen (ZEN) Price
How to Buy Horizen (ZEN) Tokens?
The Horizen (ZEN) tokens can be found on Binance, Bitrex and HitBTC
Livepeer is an open-source video infrastructure service built on the Ethereum Blockchain. For video engineers who need affordable, reliable video encoding, Livepeer leverages decentralization to enable use cases and business models that were never possible via proprietary, centralized cost structures. Token holders are able to bond their token towards a Transcoder to perform work on their behalf and earn newly mined tokens.
Livepeer (LPT) Price
How to Buy Livepeer (LPT) Tokens?
You can purchase Livepeer (LPT) tokens on exchanges such as Poloniex, IDEX and CITEX.
NuCypher is a data encryption and protection layer for Ethereum and decentralized applications that does not rely on a central service provider. The protocol, which the team calls a decentralized key management system (KMS), aims to give developers the ability to store, share, and manage private data on public blockchains. Developers receive this encryption service via a network of NuCypher nodes in exchange for a fee (paid for in ETH). Participants can only spin up a node by staking NuCypher’s token, on the network as collateral.
NuCypher (NU) Price
No information found at this time.
How to Buy NuCypher (NU) Tokens?
No exchanges found at this time.
Numeraire (NMR) is a cryptocurrency of Numerai, a data science tournament that powers the Numerai hedge fund. It uses technologies such as cryptographic encryption and artificial technology. NMR is the digital token asset that is used to pay for services on the Numerai network.
Numeraire (NMR) Price
How to Buy Numeraire (NMR) Tokens?
The Numeraire (NMR) token can be purchased on Bitrex, HitBTC, Poloniex.
Keep Network (KEEP)
The Keep Network is a privacy layer for Ethereuem. Keep’s native token, KEEP, powers the network and supports all the apps that are and will be built on it. KEEP is required in order for someone to become a member of the Keep network and members are eligible to earn rewards by performing work on the platform.
Keep Network (KEEP) Price
How to Buy Keep Network (KEEP) Tokens?
The Keep Network (KEEP) tokens can be purchased on Bilaxy, Hoo and Loopring Exchange.
Origin Protocol (OGN)
Origin’s mission is to enable true peer-to-peer commerce. Using Origin, buyers and sellers can meet and transact directly without any intermediaries. Users can earn Origin Tokens (OGN) by verifying their profiles, referring friends and family to Origin, sharing news about Origin on social media, and making purchases from our featured sellers.
Origin Protocol (OGN) Price
Where to Buy Origin Protocol (OGN) Tokens?
You can buy the Origin Protocol (OGN) tokens on the likes of Binance, MXC and Bitrex.
Originally launched as the Republic Protocol in 2017, the Ren Project was formed in 2019 as a new initiative to focus on a private and interoperable liquidity layer for decentralized finance (DeFi). With Ren, users will be able to freely move value between any two blockchains, transferring tokens while maintaining complete privacy. The REN Tokens are used as a proxy to perform work on the network.
Ren (REN) Price
Where to Buy Ren (REN) Tokens?
You can buy Ren (REN) tokens on the likes of Binance or HitBTC.
Render Network (RNDR)
The Render Network, through the use of RNDR tokens, is the first network to transform the power of GPU compute into a decentralized economy of connected 3D assets. The RNDR token is powered by breakthrough cloud rendering technology, creating a distributed global network of millions of peer-to-peer GPU devices.
Render Network (RNDR) Price
When to Buy Render Network (RNDR) Tokens?
The Render Network (RNDR) tokens can be purchased on Hoo and ProBit Exchange.
Sia is the leading decentralized cloud storage platform. No signups, no servers, no trusted third parties. Sia leverages blockchain technology to create a data storage marketplace that is more robust and more affordable than traditional cloud storage providers. Users who wish to store their files on Sia’s platform are required to pay for the services with Siacoins. In addition, hosts will be paid in Siacoins for renting out their hard drives. Although Coinbase are exploring SiaCoin they are not currently exploring support for Siafunds.
SiaCoin (SC) Price
Where to Buy SiaCoin (SC) Tokens?
The SiaCoin (SC) token can be purchased on the likes of Binance, Kraken and Bitrex.
SKALE Network (SKL)
The SKALE Network is designed specifically to improve the user experience of dApps while significantly increasing speeds, dramatically lowering costs, and creating seamless workflows for end-users and devs. The SKL utility token is an important part of the network infrastructure. In just a few clicks, you can use the Activate platform to stake your SKL tokens and start earning network rewards.
SKALE Network (SKALE) Price
No information found at this time.
Where to Buy SKALE Network (SKL) Tokens?
No exchanges found at this time.
Synthetix is a token trading platform built. on Ethereum, allowing users to bet on crypto assets, stocks, currencies, precious metals, and other assets in the form of ERC20 tokens. Synthetic assets called Synths are created by staking Synthetix Network Tokens (SNX) as collateral.
Synthetix (SNX) Price
Where to Buy Synthetix (SNX) Tokens?
The Sythentix (SNX) tokens can be purchased on exchanges such as CoinEx, KuCoin and Poloniex
VeChain is a blockchain-based platform that records the truth of what happens at every stage of the supply chain. It combines physical tracking with blockchain records to keep tabs on real-world products from production to delivery, helping to prevent fraud and increase transparency. VET is the payment used in VeChain’s system. The more VET a person or enterprise holds, the higher priority when it comes to using the blockchain’s resources.
VeChain (VET) Price
Where to Buy VeChain (VET) Tokens?
The VEChain (VET) tokens can be purchased on exchanges such as Binance, HitBTC and KuCoin.